Would everyone say that the best way to remember JE’s for FAR is to just write them down and memorize them? I feel like if I can master JE’s, my FAR score would go up significantly.
I would say first, master the material, and part of that is knowing the JE's. I'd focus more on the theory and process of what is happening. Once you feel comfortable with that, the JE's “should” come naturally.
I would say first, master the material, and part of that is knowing the JE's. I'd focus more on the theory and process of what is happening. Once you feel comfortable with that, the JE's “should” come naturally.
Journal entries is very simple outside of some of the contra account entries that get a little tricky. 90% of what you you need to know to do journal entries is the accounting formula.
Debit increases accounts to the left of the ‘=' sign and credits increases accounts to the right of the formula. When you debit the right side of the formula you decrease it and vice versa with credit.
Using the formula, you just have to know whether the account is a asset, liability, revenue, etc, which is usually pretty self explanatory.
F: 76 8/31/13 Wiley Test Bank
A: 77 11/4/13 Wiley Test Bank
R
B
Journal entries is very simple outside of some of the contra account entries that get a little tricky. 90% of what you you need to know to do journal entries is the accounting formula.
Debit increases accounts to the left of the ‘=' sign and credits increases accounts to the right of the formula. When you debit the right side of the formula you decrease it and vice versa with credit.
Using the formula, you just have to know whether the account is a asset, liability, revenue, etc, which is usually pretty self explanatory.
F: 76 8/31/13 Wiley Test Bank
A: 77 11/4/13 Wiley Test Bank
R
B
I kept a separate notebook of the journal entries I would come across by topic so I would have a reference. Then I would work every problem that dealt with j/e's using t accounts and then write out the journal entry for it. The key was understanding the t accounts.
I kept a separate notebook of the journal entries I would come across by topic so I would have a reference. Then I would work every problem that dealt with j/e's using t accounts and then write out the journal entry for it. The key was understanding the t accounts.
@rigouventura, Yes I did., I kept a notebook and sectioned it off by topic. As I was studying if I came across a journal entry that I knew I would need to know I put it in my notebook under that topic. This helped me tremendously so when I was working problems I knew exactly where to go to find it if I needed to refer back to it.
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